Crypto market declines as rate cut hopes weaken, analyst says

The cryptocurrency market, including Bitcoin, has seen a downturn as expectations for a rate cut under new Fed Chairman Kevin Warsh have diminished, Walter Bloomberg noted in a post on X. BTC has fallen about 2% to around $76,660 after hitting a high of $82,000 last week, with the market now watching the $78,000 level as key support. Bloomberg added that inflows into spot Bitcoin ETFs are also slowing. He emphasized that data from prediction market Kalshi indicates a 34.3% probability of a Fed rate cut before 2027, reinforcing a "higher for longer" outlook in the market.